On Thursday, the S&P/ASX 200 Index (ASX: XJO) continued its positive run and charged higher. The benchmark index rose 0.6% to 8,191.9 points.
Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set to rise again on Friday following a very strong session in the United States. According to the latest SPI futures, the ASX 200 is expected to open 34 points or 0.4% higher this morning. On Wall Street, the Dow Jones was up 1.25%, the S&P 500 rose 1.7%, and the Nasdaq stormed 2.5% higher.
Oil prices push higher
ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Karoon Energy Ltd (ASX: KAR) could have a good finish to the week after oil prices charged higher overnight. According to Bloomberg, the WTI crude oil price is up 1.6% to US$72.01 a barrel and the Brent crude oil price is up 1.5% to US$74.77 a barrel. US rate cuts and rising tensions in the Middle East gave oil prices a boost.
Buy Coles shares
Coles Group Ltd (ASX: COL) shares could be good value according to analysts at Bell Potter. This morning, the broker initiated coverage on the supermarket giant's shares with a buy rating and $21.55 price target. It said: "While we see FY25e as a year of consolidation on a reported basis, we see COL as providing an attractive earnings growth profile through to FY27e on an underlying basis, with high levels of cash generation supporting growth in dividends. In addition, at 9.1x FY25e EBITDA, COL continues to reflect relative value compared to WOW (~5% discount)."
Gold price continues to rise
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) look set to have a good finish to the week after the gold price rose overnight. According to CNBC, the gold futures price is up 0.6% to US$2,613.7 an ounce. Traders were bidding the precious metal higher after the US Federal Reserve started its rate cut cycle.
Super Retail in court
Super Retail Group Ltd (ASX: SUL) shares will be on watch today after the retailer revealed that it has been hit with Federal Court proceedings. It advised that "it has been notified of a Statement of Claim in relation to matters filed by its former employee in the Federal Court of Australia by Harmers Workplace Lawyers. These allegations are being made by its former employee." Super Retail intends to defend the proceedings.
